Sluggish Economies in Oil Producing Nations?


	Sluggish Economies in Oil Producing Nations?

Joshua Zumbrun

4-29-2008 9:50 AM

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Joshua Zumbrun says:

Some basic assumptions about the effects of high oil prices have been confounded. Time to start taking the bus.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/8f6fe4d0-7eaa-4940-8e0a-630e0cc635c2/323B843D-628C-4790-AD2E-D9C31AEAB3E6/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2008/04/29/business/worldbusiness/29oil.html?_r=1&hp&oref=slogin" href="http://www.nytimes.com/2008/04/29/business/worldbusiness/29oil.html?_r=1&hp&oref=slogin" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/04/29/business/worldbusiness/29oil.html?_r=1&hp&oref=slogin"><P>A central reason that oil supplies are not rising much is that major producers outside the <A title="More articles about Organization of Petroleum Exporting Countries (OPEC)" href="http://topics.nytimes.com/top/reference/timestopics/organizations/o/organization_of_petroleum_exporting_countries/index.html?inline=nyt-org">OPEC</A> cartel, like <A title="More news and information about Russia and the Post-Soviet Nations." href="http://topics.nytimes.com/top/news/international/countriesandterritories/russiaandtheformersovietunion/index.html?inline=nyt-geo">Russia</A>, <A title="More news and information about Mexico." href="http://topics.nytimes.com/top/news/international/countriesandterritories/mexico/index.html?inline=nyt-geo">Mexico</A> and <A title="More news and information about Norway." href="http://topics.nytimes.com/top/news/international/countriesandterritories/norway/index.html?inline=nyt-geo">Norway</A>, are showing troubling signs of sluggishness. Unlike OPEC, whose explicit goal is to regulate the supply of oil to keep prices up, these countries are the free traders of the oil market, with every incentive to produce flat-out at a time of high prices.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/04/29/business/worldbusiness/29oil.html?_r=1&hp&oref=slogin"><P>As oil prices soared to record levels in recent years, basic economics suggested that consumption would fall and supplies would rise as producers drilled for more oil.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2008/04/29/business/worldbusiness/29oil.html?_r=1&hp&oref=slogin"><P>But as prices flirt with $120 a barrel, many energy experts are becoming worried that neither seems to be happening. Higher prices have done little to suppress global demand or attract new production, and the resulting mismatch has sent oil prices ever higher.</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/323B843D-628C-4790-AD2E-D9C31AEAB3E6/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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